Internal auditors have always been invaluable consultants to management and oversight committees. They are at the forefront of risk assessment and risk management, identifying potential threats and solutions across financial, operational, and compliance areas. By monitoring adherence to regulations and internal policies, they become trusted advisors to the board as they both identify and mitigate risks and identify opportunities for the efficiency and effectiveness of processes and controls. Their expertise in optimizing operational efficiency drives strategic decision-making and long-term organizational success while providing critical advice and feedback to stakeholders.
The Benefits of Internal Audit
Specialized Expertise
Internal auditors bring specialized expertise and industry knowledge, offering customized insights and recommendations tailored to each organization’s unique needs and challenges. Their deep understanding of audit methodologies, risk assessment techniques, and emerging trends enables them to provide valuable guidance that drives organizational goals forward in a sustainable and controlled way.
Effective Risk Management and Assured Compliance
Internal auditors continuously assess and reassess financial, operational, and compliance risks. By identifying potential vulnerabilities, they ensure that audit plans are tailored to the organization and stakeholders’ strategic goals, enhancing the effectiveness of risk management strategies in achieving strategic priorities.
Efficient and Strong Internal Controls Framework
Internal auditors continuously assess the effectiveness of the control environment within the organization. As a result, companies can ensure that their controls are well-designed, efficient, and effective. Additionally, they identify areas where operational processes can be streamlined and made more efficient, leading to cost savings and improved productivity.
Why Should You Outsource the Internal Audit Function
Scalability and Flexibility
Outsourced or co-sourced internal audit services offer scalability and flexibility, allowing companies to adjust resources according to changing needs and priorities. Whether conducting periodic audits, addressing specific audit requirements, or providing ad hoc advisory services, the benefits of the internal audit function allow resources to be adjusted according to changing needs – efficiently adding valuable skills and scale to a company’s control environment. Given the current shortage of CPA talent, outsourced internal audit functions mitigate the risk of staff retention and turnover to the company as it partners with an outsource or co-source partner to manage talent availability and audit completion risk.
Focus on Core Activities
By outsourcing internal audit functions, management teams can save resources for strategic initiatives. Internal teams can concentrate scarce, high-quality talent on core business activities, innovation, and growth strategies, knowing that outsourced or co-sourced experts effectively manage internal audit responsibilities.
Cost-Effective Solution
Engaging outsourced internal auditors offers a cost-effective alternative to maintaining an in-house internal audit department. Companies can leverage outsourcing or co-sourcing the internal audit function as needed, eliminating paid downtime for internal staff and reducing overhead costs associated with recruiting, hiring, and training full-time staff.
Insightful Expertise
Outsourced internal auditors bring a wide range of industry knowledge and experience, large professional networks, and access to industry resources and best practices, leading to valuable insights and a fresh perspective on an organization.
About Calvetti Ferguson Internal Audit Services
Effectively managing risks is essential for senior management, the board, and every member of an organization, enabling them to pursue growth strategies efficiently. Calvetti Ferguson can significantly enhance value for your stakeholders by collaboratively navigating the complex and evolving risk landscape alongside your organization’s leadership and internal audit team. We can also help manage the cost of implementing new processes and controls to manage growth, innovation, complexity, and surge talent growth by providing experience and expertise where and when you need it instead of hiring it full-time. Specifically, but not limited to, our team provides the following services:
- Outsourced and co-sourced internal audit: Acting as the internal audit function or assisting the Internal Audit function in performing risk assessments, audit planning, testing and execution, reporting, and governance.
- Risk assessment and planning: Reviewing or preparing enterprise risk assessments on key business, economic, operational, financial, and compliance risks affecting the company.
- Internal audit scoping and optimization: Assisting internal audit in assessing the completeness and appropriateness of the scope of internal audit activities and specific target areas, identifying opportunities for efficiency or rationalization of effort, and eliminating duplication.
- Audit improvement, rationalization, and efficiency: Assisting in evaluating the population of key controls identified for SOX or FDICIA relative to the risk assessment and design/operating effectiveness of the population of controls and the three lines of defense. The objective is to simplify and streamline the population of key controls and attributes identified to improve focus and efficiency.
- Governance & oversight assessments: Review board meeting materials and minutes, conduct interviews with BOD members and executives to evaluate the effectiveness of BOD meetings, promote the effective challenge and oversight of management, and enhance the BOD impact.
Contact Us
Calvetti Ferguson works with middle-market companies, private equity firms, and high-net-worth individuals across the country. Regardless of the complexity of the compliance, assurance, advisory, or accounting needs, our team is ready to help you. Please complete the form below, and we will follow up with you shortly.